Wisr Finance Consumer Loans Brokerage
| Wisr Product | Amount of Credit | Broker Fee (Max) |
|---|---|---|
| Wisr Personal Loans | $20,000 - $63,000 | $2,000 |
| $5,000 - $19,999 | $990 | |
| Wisr Consumer Asset Finance | $20,000 - $150,000 | $2,000 |
| $10,000 - $19,999 | $990 |
Notes on Brokerage Origination Fee (prior to 01/01/2021)
- The amount of the Broker Origination Fee is dependent on the loan amount. This Fee forms part of the customers loan amount
- Wisr will pay the Broker Origination Fee direct to the Brokers account on loan settlement (No other commission is payable)
Notes on Brokerage Origination Fee (from 01/01/2021)
- The amount of the Broker Origination Fee is dependent on the loan amount. This Fee forms part of the customers loan amount
- Wisr will pay the Broker Origination Fee direct to the Brokers account on loan settlement
- Personal Loans –
- AFG will receive a total commission of 2.30% which needs to be disclosed in the NCCP Credit Proposal document.
- 1.00% of the net amount financed is distributed by AFG the following month after settlement.
- Asset Finance –
- Broker will receive a commission of 1.50% – 2.00% of the net amount financed based on customers Equifax score (refer to lender calculator)
- AFG will receive a total commission of 1.00% of the net amount financed which needs to be disclosed in the NCCP Credit Proposal document.
Notes on Clawback
- Clawback will apply if –
- a Loan is more than 90 days in arrears
- a default notice under s88 of the National Credit Code is issued in respect of a Loan
- security for a Secured Loan has been repossessed or written off
- 100% clawback if an event occurs on or before six months from the date the relevant loan is made
- 50% clawback if an event occurs after six months bot on or before twelve months from the date the relevant loan is made
- In addition, if a Secured Loan is repaid early in full, within 12 months of the loan settlement date, 100% of the Commission is to be repaid in full in respect of that Secured Loan